The Post-Globalisation Economic Model
(4 min read)
Harvard economist Dani Rodrik was one of the earliest sceptics of globalisation. He’s best known for coining his ‘trilemma’ for the world economy, which he stated as:
‘…democracy, national sovereignty and global economic integration are mutually incompatible: we can combine any two of the three, but never have all three simultaneously and in full’.
His key insight was that a pursuit of hyper-globalisation – that is, selecting policies that favour the integration of economies – would lead to an erosion of either democracy (politics moves to a federal level, as in the EU), or the nation state (wherein domestic interests are subordinated). In identifying this ‘trilemma’, he was arguably prescient of the current populist backlash against globalisation.
TO READ THIS DEEP DIVE
SUBSCRIBE TO MACRO HIVE PRIME